Macquarie Asset Management (MAM) is taking full control of US-based renewable-energy development platform Galehead Development (GDF).
MAM, an investor in Galehead since July 2022, said it has agreed to buy the remaining controlling interest from Galehead Founders. Financial details were undisclosed.
Galehead, with over 20GW of projects, will become a subsidiary of US independent power producer Treaty Oak, another Macquarie-backed company.
The deal expands Treaty Oak’s market reach through Galehead’s pipeline of solar, wind and storage projects, MAM said.
Peter Zhu, MD of Macquarie Asset Management Green Investments, said: “We believe that US renewables continue to play a crucial role in today’s power demand-driven market.
“This transaction provides MAM with enhanced access to an attractive pipeline, well-positioned to meet the growing energy needs of data centres and industrial load customers.”
Chris Elrod, Treaty Oak CEO, said: “We see a tremendous opportunity to create value by combining the strengths of two excellent organisations.
“I look forward to welcoming the Galehead team and am confident that together we can achieve greater scale and stronger performance.”
The transaction also allows GDF to spin off ETX Upstream, which will focus on non-renewable energy transition projects.
Matt Marino, ETX Upstream CEO, said: “The spin-out of ETX Upstream will allow us to replicate the proven success of the LandCommand Platform in emergent energy transition verticals.
“In launching ETX Upstream, we’re excited to tackle some of the biggest barriers and challenges to a timely and fully realised energy transition.”
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